Aadhar Housing aims to disburse Rs 600-cr new loans in FY15

Mumbai-based Aadhar Housing Finance is looking at fresh loan disbursements to the tune of Rs 600 crore this fiscal for affordable housing, including to those from the lower income group across Gujarat.

These plans are in accordance with the state government's plans to construct 22 lakh new homes in the next four years.

Speaking to reporters here yesterday, Harshil Mehta, MD & CEO said the company's loan portfolio is expected to grow to over Rs 1,000 crore by the end of this fiscal.

"While new loans will be to the tune of Rs 600 crore, our portfolio size would over Rs 1,000 crore," he added.

Mehta said the company was organising road shows in Vadodara, Surat, Ahmedabad and Rajkot beginning this weekend where a van office called "Azadi Express" will move through vantage locations in each of these cities to provide spot sanction of home loans.

"Gujarat is a high-potential state for low-cost housing with the state government recently introducing the affordable housing policy and that is why we decided on moving this van office to give freedom to common man from rented homes," he said.

We chose Gujarat for the "Azadi Express" van office despite having established strong presence in nine states of Uttar Pradesh, Madhya Pradesh, Jharkhand, Chattisgarh, Orissa, Bihar, West Bengal, Gujarat and Rajasthan. It is due to Gujarat's enterprising population that it has witnessed considerable growth in per capita income, said Mehta.

Aadhar will establish offices next in 20 states across the country by 2015-16, he said.

Aadhar Housing Finance Ltd is set up jointly by Dewan Housing Finance Corporation Ltd (DHFCL) and International Finance Corporation (IFC).

Aadhar focuses on providing home loans upto a maximum up to Rs 12 lakh. It has provided financing options to over 11,000 families across the country. It operates mostly in Tier-III and Tier-IV cities.